Jacksonville, Fla.-based CSX today reported income in the fourth quarter of 2012 dropped 3.1% year-over-year, falling from $457 million, or $0.43 cents per share, to $443 million, or $0.43 cents per share.
For the full year of 2012, profit was $1.9 billion, or $1.79 per share, rising 5.6% from 2011’s $1.8 billion, or $1.67 per share.
For the quarter, total revenue of $2.9 billion declined 2%. The company saw an increase in merchandise and intermodal shipments, but these gains were more than offset by declines in coal resulting from low natural gas prices, high coal inventory at utilities and lower global demand, CSX said in a written statement.
As a result of the lower revenue, operating income declined 4% to $804 million, and the operating ratio increased 60 basis points to 72.1%.
For the full year, operating income increased 1% to $3.5 billion, and the operating ratio improved 30 basis points to 70.6%.